New companies and the entrepreneurial impulse are key elements of the U.S. economy, and perhaps part of the nation’s mythology in the American dream. The U.S. federal agency in 200...Read More
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New companies and the entrepreneurial impulse are key elements of the U.S. economy, and perhaps part of the nation’s mythology in the American dream. The U.S. federal agency in 2002 counted around twenty three million companies and nearly twenty four million business “establishments” that generated, in total, nearly $23 billion in sales. That’s if they make it. In a 2006 article entitled, “The Seven Pitfalls of Business Failure,” economic expert Brian Head of the small Business Administration noted that 30% new businesses fail inside the first five years of operation. However with careful coming up with, establishing a new company is a successful and profitable undertaking.
Your company location determines the taxes, zoning laws, and regulations your company will be subject to. You will need to form a strategic decision regarding which state, city, and neighborhood you select to begin your company in. Where you locate your company depends in part on the location of your target market, business partners, and your personal preferences. In addition, you should consider the costs, benefits, and restrictions of different government agencies.
The decision to choosing the right business structure is very important because the type of business you decide on influences everything from daily operations, to taxes, to how much of your personal assets are at risk.
You can find the right business name with creativity and market research. Once you’ve picked your name, you should protect it by registering it with the right agencies.
You’ll want to decide on a business name that reflects your brand identity and doesn’t clash with the types of goods and services you provide. Once you take decision on a name you prefer, you would like to protect it. There are four different ways to register your company name. Every way of registering your name serves a special purpose, and some may be legally required depending on your business structure and location.
Each of those name registrations are legally independent. Most small businesses try to use an equivalent name for each kind of registration, but you’re not commonly required to.
Register your business to make it a distinct legal entity. How and where you need to register depends on your business structure and business location.
Your location and business structure determine how you’ll need to register your business. Verify those factors first, and registration becomes terribly easy. In some cases, you don’t need to register at all. If you conduct business as yourself using your legal name, you won’t need to register anywhere. But keep in mind, if you don’t register your business, you'll miss out on personal liability protection, legal benefits, and tax benefits.
Most businesses don't need to register with the federal government to become a legal entity, other than simply filing to get a federal tax ID. Small businesses sometimes register with the federal government for trademark protection or tax exempt status. If you would like to trademark your business, brand or product name, file with the United States Patent and Trademark office once you’ve formed your business. If you would like tax-exempt status for a noncommercial corporation, register your business as a tax-exempt entity with the IRS.
Getting an EIN number can help you identify your business entity. Most companies need this federal employee identification number to conduct business. An EIN is a nine-digit number that refers to only your business or non-profit entity. It is your business’s social security number. This number allows the IRS to identify your business and attach it to the correct business name for tax purposes. Just a unique business name is not enough.
Your employer identification number (EIN) is your federal tax ID. You need it to pay federal taxes, hire employees, open a bank account, and apply for business licenses and permits. You should do it right once you register your business. Your business desires a federal tax ID number if it does any of the following:
The need for a state tax ID number ties directly to whether your business must pay state taxes. Sometimes, you can use state tax ID numbers for other functions, like protection against identity theft for sole proprietors. Tax obligations differ at the state and local levels, so you'll need to check with your state's websites. To know whether you need a state tax ID, research and understand your state's laws regarding income taxes and employment taxes, the two most common forms of state taxes for small businesses.
Most small businesses need a combination of licenses and permits from both federal and state agencies. The requirements and charges vary based on your business activities, location, and government rules.
The licenses and permits you need from the state, county, or city will depend on your business activities and business location. Your business license fees will vary. States tend to regulate a broader range of activities than the centralized. As an example, business activities that are commonly regulated domestically include auctions, construction, and dry cleaning, farming, plumbing, restaurants, retail, and vending machines.
Some licenses and permits expire after a set period of time. Keep close track of when you need to renew them it's usually easier to renew than it has to apply for a new one. You'll have to analysis your own state, county, and city regulations. Industry requirements usually vary by state.
Open a business account once you are ready to start accepting or spending money as your business. A business bank account helps you keep legally compliant and protected. It also provides benefits to your customers and employees. Most business bank accounts provide perks that don't come with a standard personal bank account.
Business insurance coverage protects businesses from losses due to events that may occur during the normal course of business. There are many types of insurance for businesses including coverage for property damage, legal liability and employee-related risks. Companies evaluate their insurance needs based on potential risks, which can vary depending on the type of environment in which the company operates.
Business insurance protects you from the unexpected costs of running a business. Accidents, natural disasters, and lawsuits could run you out of business if you’re not protected with the right insurance.
Speak to insurance agents to find out what kinds of coverage makes sense for your business, and compare terms and prices to find the best deal for you. Here are six common kinds of business insurance types are:
Picking the right company structure for your business is as important as any other business-related activity. The right business structure can allow your enterprise to control efficiently and meet your required business targets. In India, each business should register themselves as a part of the necessary legal compliance. Before we tend to learn how to register a company, let’s try and understand the types of business structures in India.
Director identification number is a unique number allotted by Central Government to any person assuming to be a director or existing director of company in India. Director identification number is 8 digit unique number which has a lifetime validity, details of director are maintained in database through this number.
Whenever a return, an application or any information associated with a corporation or company are going to be submitted under any law, the director signing such return, application or information will mention his Director Identification Number underneath his signature.
Procedure to obtain DIN: There are three different forms
1. Spice Form (Application Of First Directors In Case Of New Companies): SPICe form is used by the first directors of new companies. The intended person who has not obtained DIN shall make an application through eForm SPICe. The documents which need to be attached are
· Proof of identity
· Proof of address
2. DIR-3 Form: Any person intending to become a director in an already existing company shall have to make an application in eForm DIR-3 for allotment of DIN.
· Procedure to obtain DIR-3 Form: The form shall be mandatorily signed by the applicant and the same shall be verified digitally by a:
· Company Secretary (who is fulltime employment of the company)
· Managing director or manager.
· Chief Executive Officer or Chief Financial Officer.
Two supporting documents need to be attached that is:
· Photograph of the concerned applicant.
· Proof of identity and Proof of residence.
3. DIR-6 Form: DIR-6 Form is used by the directors when there are any changes in the particulars of the directors. The form shall be signed by the applicant and certified by a Chartered Accountant, Company Secretary, Cost accountant (whole time practice), Director of an existing company.
A Digital Signature Certificate is a secure digital key that is issued by the certifying authorities for the purpose of validating and certifying the identity of the person holding this certificate. Digital Signatures make use of the general public key encryptions to create the signatures. A digital signature certificate (DSC) contains information concerning the user’s name, pin code, country, email address, date of issuance of certificate and name of the certifying authority.
A Digital Signature Certificate (DSC) explicitly associates the identity of an individual/device with a two keys - public and private keys. The certificate contains data about a user's identity (for example, their name, pincode, country, email address, the date the certificate was issued and also the name of the CA. These keys will not work in the absence of the other. They’re used by browsers and servers to encode and decode data concerning the identity of the certificate user.
The private key is stored on the user's computer hard disk or on an external device like a USB token. The user retains control of the private key; it will solely be used with the issued password. The public key is disseminated with the encrypted data. The authentication method fails if either one of these keys in not available or do not match. This means that the encrypted information cannot be decrypted and so, is inaccessible to unauthorized parties.
Procedure to obtain digital signature certificate
Tips for naming your startup company:
To register your company, you will file your completed application online with the Indian government’s Registrar of Companies, or RoC. The RoC, which is under the jurisdiction of the Ministry of Corporate Affairs, oversees the incorporation of new companies and the administration of businesses under the statutory regulations of the Companies Act.
Check online to see if your choice of company name is available. Before you file your application to register your company, it’s a good idea to have your company names firmly in place to ensure the registration process isn’t hindered.
A Certificate of Incorporation (COI) is a legal document that is issued by Ministry of Corporate Affairs (MCA) once a Company is successfully registered with them. The COI is a proof that the company is now registered with the Registrar of Companies (ROC).
COI issued consists of a date which depicts the date from which the company is deemed to be official registered. It can then commence its business and start working. Unlike sole proprietorship registration of private limited company is mandatory. It is the duty of the promoter to apply for a COI.
Permanent Account number (PAN) refers to a ten-digit alphanumeric number, issued in the form of a laminated card, by the income tax Department in India. it is a must to have a PAN number for all those who file their income tax returns, because from 2005 onward, it has been made mandatory by the income tax Department to quote the PAN on return of income as well as on all correspondence with any income tax authority in the country.
GST is the biggest tax reform in India, tremendously improving ease of doing business and increasing the taxpayer base in India by bringing in millions of small businesses in India. By abolishing and subsuming multiple taxes into a single system, tax complexities would be reduced while tax base is increased substantially. Under the new GST regime, all entities involved in buying or selling goods or providing services or both are required to register for GST. Entities without GST registration would not be allowed to collect GST from a customer or claim an input tax credit of GST paid and/or could be penalized. Further, registration under GST is mandatory once an entity crosses the minimum threshold turnover of starts a new business that is expected to cross the prescribed turnover.
In recent years, there has been a big surge in Cloud Computing Technologies. One such technology which has an immense impact on the world of computing is Salesforce.
“Salesforce is customer relationship management (CRM) product, Salesforce also sells a complementary suite of enterprise applications focused on customer service, marketing automation, analytics and application development.”
Before Salesforce, Customer Relationship Management (CRM) solutions were hosted on a company’s own server. Can imagine the cost and time it took for companies to have their own CRM solutions? Well, it used to take months or even years to set it up and the cost went up to millions of dollars. Even after setting up, they were extremely hard to use. The feasible solution is to building an affordable CRM software and delivering it entirely online as a service. This was the main idea behind Salesforce. Started as a Software as a Service (SaaS) company, Salesforce has grown into the fifth-largest software company in the world.
Salesforce will maintain to be a powerful area for the career opportunity. If the economy remains to grow, demand will maintain to exceeds, as a result, it provides better opportunities and higher salaries. If the economy declines, space will be more resistant to downturns than most, resulting in better job security.
Software as a service (SaaS) products have become increasingly popular and have driven the growth of the CRM market. It's predicted that SaaS CRM solutions will reach a deployment rate of 80 to 85% by 2025. Are you looking for CRM Marketer? Follow to reach your goal.
In the near term, the CRM software market is growing at a compound annual growth rate (CAGR) of 14%. The cloud-based CRM subsection of that market is growing at a compound annual rate of 22%.
Ninety-one percent of companies already using Salesforce admit that it helps their marketing teams maintain a strong voice with clients and consumers. What's more, 64% of marketers report that they place a higher value on maintaining existing clients than trying to acquire new ones, adding to the need for Salesforce. These numbers show that cloud-based CRM software will become a ubiquitous tool for client-driven companies around the world.
Salesforce is the top cloud-based CRM on the market. It has a market share of more than 15% and consistently generates upward of $1 billion more in revenue than its closest competitor. Salesforce has positioned itself well to take advantage of the future growth of the industry.
The great thing about Salesforce is when we start out we don’t need to know any programming languages. When we create business applications in Salesforce, a lot of it is “click development” or “click configuration” to create applications. Not to say this is “easy”, but it’s all learnable! I have a great belief that if we put our mind to it, we can achieve anything even if we and others think we can’t.
It’s odd that people from different industries don’t think they have transferable skills. I think this comes from the perception that Salesforce is a “technical system”. Salesforce is a system that enables companies to manage their day to day operations. That could be Sales, Service, Finance, Operations, Marketing, and Manufacturing! It can touch every part of a business. The businesses that implement it well, are those that consider it a business system that is enable and support their workforce. Those companies that think of Salesforce is an “IT system” and should be implemented by IT, but actually it’s a business system and should be run by the business. Because of this we still have invaluable experience that can complement a career in Salesforce.
First goal is getting a paid job working with Salesforce. To achieve this goal everything comes down to making your resume as attractive as possible to a new employer. I think this comes down to following areas:
There are a lot of Salesforce Certifications. But I recommend the one to get first ‘Salesforce Certified Administrator’. The reason for this is it gives a good overview of the whole of the core Salesforce platform
Create some app in Salesforce: Prove knowledge of Salesforce by creating some business apps in Salesforce. Salesforce provides free “Salesforce Developer Orgs” which is a fully functioning Salesforce tool but limited to a couple of user licenses and limited space. But we can create business apps within it. Then we can add this on CV that we have created, for example an invoice management application with approval processes and automation then this could go a good way in proving your ability with Salesforce.
New companies and the entrepreneurial impulse are key elements of the U.S. economy, and perhaps part of the nation’s mythology in the American dream. The U.S. federal agency in 200...Read More
Picking the right company structure for your business is as important as any other business-related activity. The right business structure can allow your enterprise to control effi...Read More
In recent years, there has been a big surge in Cloud Computing Technologies. One such technology which has an immense impact on the world of computing is Salesforce. ...Read More
i am pursuing PGDM (HR).currently i am doing my intership at jindal power limited TAMNAR.
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I am business graduate having MBA in risk management from Sheffield Hallam, University (UK) and having more th...
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